Background*

Mr. Gerald W. Grandey, also known as Jerry, served as the Chief Executive Officer of Cameco Corp. from January 1, 2003 to July 01, 2011. Mr. Grandey served as the President of Cameco Corp. from January 1, 2003 to May 14, 2010. He was with Cameco since 1993 and served as its Senior Vice President of Marketing and Corporate Development from 1993 to 1997, Executive Vice President from April 1997 to 2000 and as its President from 2000 to 2002. He was responsible for exploration, ... marketing, corporate development, U.S. and Kazakhstan operations and the commercial implementation of the agreements to dismantle Russian nuclear weapons and as Senior Vice President, responsible for the international marketing of uranium products and for the identification and development of new business opportunities. Prior to Cameco, he held senior executive positions with Concord Services and Energy Fuels Nuclear, both Denver-based companies. He has more than 30 years of experience in the mining industry. Prior to Cameco, he served as Vice-Chair and Chief Executive Officer of The Concord Mining Business Unit. Prior to that, he served as the President of Energy Fuels, an American coal and uranium mining company. In the mid 1970s, he spent several years practicing law with a major Denver law firm specializing in mineral financing and natural resources and environmental law. He has been a Director of Rare Element Resources Ltd. since August 2013 and Sandspring Resources Ltd., since March 25, 2010. He has been an Independent Director of Canadian Oil Sands Limited since April 28, 2011. He has been an Independent Director of Potash Corp. of Saskatchewan, Inc. since September 9, 2011. He served as a Director of Cameco Corp. from May 2000 to June 2011 and Centerra Gold Inc. from December 11, 2002 to October 28, 2007. Mr. Grandey served as a Director of Inmet Mining Corporation from April 2012 to March 22, 2013. He served as a Director at Bruce Power LP. He serves on the Boards of Canadian Institute of Corporate Directors, the Nuclear Energy Institute, National Mining Association, Saskatoon YMCA , the Royal University Hospital Foundation and Canadian Nuclear Association. He serves on an Advisory Council of Saskatchewan's Edwards School of Business and the Board of Governors of the Colorado School of Mines Foundation. He serves as the Chairman Emeritus of the World Nuclear Association. In 2010, The Harvard Business Review recognized him as being one of the Top 100 CEO's in the world because of the value created for shareholders through the growth in market cap during his tenure. Mr. Grandey was inducted into the Canadian Mining Hall Of Fame in 2013; awarded the Canadian Nuclear Association's Ian McRae Award in 2012 for his work in advancing nuclear energy in Canada; and was nominated for the 2011 Oslo Business for Peace Award in recognition of his efforts to facilitate nuclear disarmament. He received a degree in Geophysical Engineering from the Colorado School of Mines in 1968 and a Law degree from Northwestern University in 1973.

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